150 Spring Street

Description

Traditional Charleston meets modern design is what you will find in this refined property by Cozy Development. Renewed to the highest quality, this property has undergone a studs out renovation that boasts luxury finishes with three separate dwelling units.VALUE ADD: NEW BUILDThe property site has the opportunity to add a second sizable structure on the same lot. The Charleston Zoning officials have confirmed from ''Sketch Wednesday'' the path forward to add this second structure, totaling 2,500 sq. ft., 4 approved STR bedrooms with 4 en-suite bathrooms. Completed architectural plans, structural engineer plans, civil engineering plans (turning exhibit, utility, sprinkler) and stormwater plans to convey with purchase.VALUE ADD: PROPROSED ADDITION The existing structure can accommodate an additional 2 bedrooms and 2 bathrooms in the ground floor unit, which adds approximately 300 square foot in the downstairs unit, increasing revenue without waiting for long term construction (30-45 day timeline to complete). A combined, 17 bedrooms/14 bathrooms/3 units will help unlock maximum cash flow for your short term rental investment, projected 10-12% cap rate. IDEAL LOCATION Appointed within the short term rental district, you'll be located within one quintessential neighborhood of Charleston with the conveniences that are highly sought after with the possibility of operating as a licensed, unencumbered short term rental. If you're looking for walkability to some of the best restaurants and cafes, you will be a half mile to King Street and a few minutes walk to Chubby Fish, Vern's, Xiao Bao, 132 Spring Coffee, and BaBa Coffee, making it highly desirable for STR guests. FULLY RENOVATED, FURNISHED, TURNKEY Each of the units have been renovated with similar finishes throughout. The kitchen in each unit is the focal point of every home, which is why each kitchen is dressed in gold finishes and boasts professional grade stainless steel appliances, white custom shaker cabinets, and quartz/quartzite countertops with luxury hand molded backsplash. Other features throughout the units included walk in tiled showers with frameless glass doors, herringbone pattern wood floors in the main floor unit, picture frame molding added throughout the main living areas to bring out the Charleston charm you're expected to experience, a spiral staircase in the upstairs unit, and so much more. A floorplan of this home is available for better understanding of each unit. As a part of the renovations, the property has been outfitted with a commercial fire alarm and R-13 sprinkler system, installed connection for new build sprinkler system as well. Finally, the lot is of considerable size with ample off street parking spaces available for large bookings. HIGH CASHFLOW PROPERTY Independent cashflow appraisal and assessments available upon request. Projected short term rental revenue of $650,000 yearly with the existing structure as-is with considerable upside. LOOKING FOR MULTIPLE SHORT TERM RENTALS (STRS)? 254 St Philip Street (MLS# 230252879), 23 Cannon Street (MLS# 23020724) and 150 Spring Street (MLS# 23024622) can be purchased as a package.